You would be surprised to hear how many Medicare eligible clients do not understand how Medicare actually works. With an aging population, and enrollees at the highest levels to date (expected to increase dramatically with the baby boomers entering the system starting in 2011), it is most important to know the ins and outs of the system to ensure coverage in place when you need it.
Posts Tagged ‘medicare’
64? Let’s Talk About Medicare
Tuesday, March 9th, 2010No Premium Increases for Medicare Part B in 2010
Monday, September 28th, 2009For the 42 million seniors and people with disabilities who are currently enrolled in Medicare Part B, a recent vote has ensured that there will be no premium increase for Part B. The standard premium is currently $96.40; slightly higher for those with incomes over $85,000 for individuals or $170,000 for couples. This premium is calculated annually to cover around 25% of the Medicare program. For 2010, this would mean the premiums would be at about $103 (and up!) per month. However, there is a “hold harmless” policy which eliminates this rate hike, by utilizing $2.8 billion from a 2008 fund to improve Medicare.
Due to the economic recession, Social Security’s cost-of-living adjustment is expected to be zero, and therefore the checks will not increase. Therefore, if the Part B premium increase is projected to be more than the increase in Social Security, most current Medicare enrollees are ensured no premium hikes. As with any law, however, there are loopholes and if Congress did not step in, there would have been some enrollees who would have not fallen under the hold harmless policy (i.e. new Medicare enrollments, and those whose premiums are not deducted from the Social Security checks). With the implementation of this act, all Medicare enrollees will be spared any rate increases for their Part B premiums.
Ways to Save on your Medicare Supplement Plan
Wednesday, August 12th, 2009We all know how hard it is to keep up with ever increasing insurance premiums. Fortunately, there are always alternate plans or carriers to consider, in an effort to keep your insurance coverage comprehensive without breaking the bank.
Helping Seniors in the “Doughnut Hole”
Friday, July 3rd, 2009Medicare Part D is the drug portion of Medicare coverage. It is designed to assist with the overwhelming cost of medications, but there is one major flaw in their design – the gap in coverage called the “doughnut hole”. This is when the enrollee is responsible for covering the entire cost for their medications between $2,700 and $4,350. Studies show that one in four Part D enrollees reached the doughnut hole in 2007, and numbers have only increased since then.
What does this mean? Considering seniors are often living on very fixed incomes, these out of pocket expenses are too high, and results in medications being halved to make them last longer, or dosages being skipped altogether. This, of course, can create a very dangerous situation to these individuals, which clearly shows that something needs to be done.
One of the most important changes that can help to relive some of this burden would be a break in the costs of the medications themselves. Turning to the drug manufacturers has proven helpful, as they have agreed to reduce Medicare drug costs in a number of ways. From forgoing $80 billion dollars in revenues to offering substantial discounts in the medications themselves, it seems like the drug companies and Medicare drug coverage is headed in the right direction. We can only hope things continue to improve, and coverage for seniors remains comprehensive.
Medicare Made Easy
Friday, May 29th, 2009For those individuals who are turning 65, the world of Medicare may seem overwhelming. We are here to help you understand the four parts to Medicare Health Insurance. Original Medicare is the federal health insurance program available to people 65 years of age or older. Medicare is also available to younger people with certain disabilities and people with end-stage renal disease – permanent kidney failure living with dialysis or a transplant; it’s sometimes called ESRD.
